Ministry of Finance Embraces Metaverse and AI Transformation

The Ministry of Finance has unveiled its ambitious digital transformation initiatives at GITEX Technology Week 2023, underscoring its leadership in the realms of metaverse and AI solutions. These initiatives aim to empower government entities and foster an all-inclusive future for clients. The Ministry proudly presented its digital systems, pioneering projects, and smart innovations in the financial sector.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, emphasized the Ministry’s commitment to advancing cutting-edge financial solutions that spur growth across various sectors within a secure environment, reinforcing the UAE’s position as a premier economic and financial hub. He stated, “The Ministry is taking a proactive stance in offering advanced financial solutions to bolster multiple sectors, particularly the digital economy and advanced financial technologies.”

During GITEX, the Ministry showcased an array of systems, projects, AI endeavors, and digital services. Notable highlights included the Ministry of Finance Metaverse, ChatGPT – Ministry of Finance, a generative AI platform, digital procurement platforms, federal asset tracking systems in the metaverse, a suggestion platform, violation reporting services, supplier registration in the federal supplier registry, as well as public revenue collection and management services.

In a panel session titled ‘Ministry of Finance Initiatives in the Field of Artificial Intelligence,’ Meshal bin Hussain, the Director of Information Technology at the Ministry of Finance, introduced the Ministry of Finance Metaverse through a prototype of the digital procurement platform. This platform enables the public to explore products and services to streamline the digital experience for stakeholders. The presentation showcased features such as ‘Hessa,’ a smart digital assistant (chatbot) offering guidance and assistance through voice or text commands, and a step-by-step digital guide for purchasing procedures.

The Federal Asset Tracking System was demonstrated using Metaverse technology, aiming to accurately catalog and record all federal government assets in financial statements. It provides a comprehensive overview of federal assets, streamlining registration, transfer, and inventory processes while integrating with federal systems.

Another significant initiative is ChatGPT – Ministry of Finance, a generative AI platform showcased through a prototype chatbot. This platform enhances government stakeholder interactions in virtual spaces, enabling realistic simulations, virtual meetings, training, and facility tours. Its goal is to revolutionize customer service and leverage AI technologies to enhance service delivery, engage citizens, and meet the demands of the digital age.

The Ministry also organized a session titled ‘Services 2.0,’ focusing on the development of digital services, adoption of the latest technologies, and generative AI integration. This initiative aligns with the UAE government’s vision to provide innovative and efficient government services, prioritizing a positive impact on stakeholders and the broader community.

Services 2.0 specifically targeted three priority services: registration in the Federal Supplier Register, advisory support in accounting systems, and addressing stakeholder inquiries. Additionally, the Ministry introduced the electronic Suggestions Platform, a service for government, businesses, and individuals, as well as the Report on Whistleblowing Cases service, offering a confidential channel for stakeholders to report violations.

The ‘Collecting Public Revenues and Funds’ service facilitates debt collection and enforcement for federal entities, streamlining the process and ensuring the sustainability of federal financial resources. Furthermore, the Ministry’s commitment to integrity and professional ethics is reflected in the Report on Whistleblowing Cases service, which addresses various violations and offenses, promoting transparency and honesty.

The digitization of these services drastically reduces response times, making it possible to address suggestions within 10 days, compared to the previous 30-60 working days it took with traditional methods. This leap in efficiency is a significant stride towards optimizing service delivery and streamlining government processes.